Jakarta plans scripless trading by end of 1995
Jakarta plans scripless trading by end of 1995
JAKARTA (JP): The Jakarta Stock Exchange (JSX) will occupy its new building on Jl. Sudirman, South Jakarta, early next year and later introduce scripless (paperless) trading at the end of the year, says a senior official of the exchange.
Achmad Daniri, director of trading, said here yesterday that a series of training programs have been arranged for the exchange members to prepare for the automation of the trading system.
"We hope the computerization can be fully implemented by the time we move to the new building," he told securities brokers and dealers in a meeting.
During yesterday's meeting, JSX officials explained the technical aspects to the securities brokers and dealers of the new trading system, which has a capacity for handling 50,000 transactions per day and for carrying out 40,000 buy and sell orders per hour.
The present manual system is only capable of handling 3,800 transactions per day.
He described the operation of the automated trading system as a spectacular change in the technology of stock trading activities in Indonesia.
Daniri said that the exchange will maintain its trading floor despite the fully automated market to secure the continuity of the trading.
"The trading floor will be used if there is an interruption in the automated trading system," said Daniri of his reason for preserving the traditional trading system.
Daniri said that a trial operation of the fully automated trading system will be carried out as soon as January of next year.
The new JSX office will be located at the Jakarta Stock Exchange Building at the gateway of the Sudirman Business District, which is now under development at the Semanggi interchange in the heart of the city. The construction of the high rise building will be completed next month.
Daniri said that the new trading system will be integrated into the computer terminal of PT KDEI, a company which handles the clearing, settlement and depository service of the stock market.
The automation of the trading system will use Hewlett Packard (HP) 9000 computer hardware, while its software will be the Automated Securities Trading System (ASTS) developed by the Financial Software Development Company of Hong Kong. (hen)